June 27 (SeeNews) - United Kingdom's vote to leave the European Union could mean less funds provided to the Bulgarian economy by the bloc, a local analyst said.
"Brexit is very bad news for us because it probably means less generosity from Brussels regarding the EU funds. However, this is a chance to arrange our economy in a way so it does not depend on EU funds," Vladislav Panev, board chairman of asset management company Sky Funds, told SeeNews.
The short-term effects of the vote on Bulgaria's economy are reflected by the depreciation of the British pound against the euro, to which the Bulgarian lev is pegged, said Krasen Yotov, an economic analyst at Industry Watch.
"The UK has a relatively small share of trade dealings with Bulgaria and is not among the top trade partners of the country, that is why I don't expect major consequences in that aspect," he noted.
According to Yotov, most of the investments in Bulgaria coming from the UK pass trough offshore zones, such as the Virgin Islands, and it is very difficult to be identified.